Santos is restructuring its oil and gas business to trim costs after a series of stalled takeover offers and a recent profit decline. The move aims to sharpen profitability as the company exits a multi‑year production growth phase. The backdrop is a market where investors demand higher returns, and the company has already cut its workforce following a February profit slump. Shareholders, including the Australian pension fund HESTA, have criticised the limited pipeline of new projects and the CEO's remuneration. Under the new structure, Australian and Papua New Guinean assets will report to four regional business units instead of separate management teams. The Alaska unit will not be affected, and the corporate centre will stay in Adelaide. Many managers will relocate from Western Australia to Brisbane, and a small number of roles may be moved to align with activity levels. Brett Darley, chief operating officer for Australia and PNG upstream oil and gas, wrote that by focusing on efficiency and productivity, discipline and innovation, we will ensure our business continues to deliver safe, reliable, and competitive energy for decades . The company added that at times, roles across the organization have relocated to align with activity levels and locations . With the overhaul, Santos seeks to improve operational discipline and return value to shareholders, positioning itself for a more profitable future in a challenging market.